CEO Talks Money Mindset Needed to Grow an 8-Figure Business
Psyche Terry is the founder of UI Global Brands L.L.C., a portfolio of quality brands that includes apparel and skincare solutions. Prior to launching UI Global Brands, Terry launched a line of plus-size intimate apparel sold in 5000+ stores across the country including Macy’s, Walmart, TJ Maxx, Ross, Target, and Sally Beauty.
Now, with a company reportedly evaluated at $10 million, Terry shares the money mindset shifts that helped her reach the eight-figure mark.
Fear Never Goes Away
“I moved completely out of the apparel business to grow my beauty line. I was afraid all over again just like a brand-new business owner.
I was afraid that maybe all of my beauty businesses would shrivel and not respond the way they have been over the past eight years. I also feared that I wouldn’t be able to use my love for fashion and trendy product creation. But I realized that I can add my fashion flair to everything I do.
Manage Your Money, Don’t Let Your Money Manage You
In the beginning, I didn’t watch my cash flow every day. I was more of a salesperson for our business. I knew I worked, so what was the point of “checking in” to see if my money was there? I took a class that helped me read financial statements so that every day when I received my QuickBooks reports I could follow to the line item what is or isn’t happening.
Before we raised money to grow the business we were living check to check, credit card to credit card. I was spending money constantly on new product ideas, shipping, and marketing. Once I realized the ins and outflows and timing and check cashing and bill paying seasons of our months, I helped our business be more strategic.”
Old Ways of Thinking Won’t Open New Doors of Opportunity
To grow an eight-figure business I had to change my money mindset from “I can’t to I will someday.”
I have my goals posted in front of my desk on the wall next to my kids’ art. The goals say to have a higher profit margin and to have millions in sales. I’ve had that same goal up for years even when we were barely making $100,000 a year.
But having a mentor changed my mind into thinking “why not me?” She helped me understand that if I see myself at the table then I’d start acting like I’m just patiently awaiting my invitation. When your mind changes, your expectations change. When your expectation changes, your behavior changes. When your behavior changes, things start to move into place.